1. 401K Contributions
- Please make sure that you make changes to your 401K contribution now.
Many companies only allow one change per year. Now is the time to make that change so it is in effect for the whole
year. Increase your 401k contribution at least to the amount your employer matches because you literally double your
money - It then grows tax free until you retire.
2. IRA Contributions
- Make sure you make your IRA contributions before April 15th. Donít wait until the last minute. If you are not covered by a
retirement plan at work, then you can contribute to your IRA if you are more than 50 years old and your
spouse can do the same. You can save some taxes now if you make that contribution, but be sure to tell your financial institution that
the IRA is for 2012.
3. Roth IRA
- This is a very good investment because even though you cannot take a tax deduction when contributing to a Roth IRA, when
you take the money out, it is tax free. You need to make this deposit before April 15th.
4. Donít forget to get your deductions for the following items when having your taxes prepared:
a. Sales Tax deduction
b. Education expenses - Donít forget about the tax credit that is available for your higher education expenses.
c. Job Hunting Expenses - You may be able to deduct money spent on job hunting.
5. Moving Expenses
- Since so many people are moving to Florida everyday, many will be eligible to deduct the moving expenses. If you
moved here from out of state to start a new job here, then you can most likely deduct these expenses if your employer did not pay them.
6. Self-employed people owning corporations
- Donít forget that the deadline for corporations and some LLCís is NOT April 15th, rather the deadline is March 15th. Many people that have recently started a corporation are not aware of this.